Troubled fund manager Elanor has launched a $160 million sell-down of its best hotel assets, including luxury resort Peppers Cradle Mountain Lodge, as it battles to get its debt under control and resume trading on the ASX.

The clocking is ticking for Elanor ahead of a March 19 deadline to address part of its overall debt – its unsecured notes – which were carved out of a refinancing deal the ASX-listed fund manager struck in November.